Hill Statement on COVID-19 Emergency Lending Funds

Statement

Rep. French Hill (AR-02) issued the following statement about Secretary Mnuchin's proposed idea that small businesses receive direct support from the Treasury Department:

"I applaud the Federal Reserve's quick response in providing emergency market liquidity in March; and their collaboration with the U.S. Treasury to structure the facilities authorized under section 13(3) of the Federal Reserve Act that served as a critical backstop for our financial markets, local governments and businesses up and down Main Street.

"Over the last eight difficult months, our country has adapted and learned to cope with COVID-19 at home, at school and in operating our businesses in the midst of a global pandemic. The current economic rebound and the resilient capital markets are evidence of that.

"The additional 13(3) facilities set up as a result of the CARES Act funding operated as they were designed. As those facilities wind down and the funding is potentially reallocated by Congress to support targeted needs, I am certain that existing core exchange stabilization funds (ESF) are available to provide market liquidity. Congress stands ready to act on additional ESF funding and authority for the Treasury as economic conditions warrant."

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